Economy

Petrol and Diesel Prices Fall Sharply After the Government Reduces Excise Duties; View Fuel Prices

Price Reductions for Gasoline and Diesel The gasoline price on June 5 remained unchanged for two weeks, as did the diesel price on that date. This follows the Centre’s orders to reduce excise duty, which resulted in a decrease in the price of petrol and diesel, easing the inflationary pressure on the common man. Last month, finance minister Nirmala Sitharaman announced a record Rs 8 per litre and Rs 6 per litre excise duty cut on petrol and diesel, respectively, as fuel prices reached an all-time high.

In Delhi, petrol cost Rs 96.72 per litre and in Mumbai, Rs 111.35 per litre, while diesel cost Rs 89.62 per litre and Rs 97.28 per litre, respectively. After the tax cut, the price of petrol in Kolkata today was Rs 106.03 per litre, while the price of diesel in the city was Rs 92.76 per litre. Elsewhere in India, the retail price of petrol was Rs 102.63 per litre and diesel was Rs 94.24 per litre.

Petrol and Diesel Prices
Petrol and Diesel Prices

On May 21, Nirmala Sitharaman announced a reduction of 8 rupees per litre in the excise duty on petrol and 6 rupees per litre on diesel. The government’s decision resulted in a reduction of Rs 8.69 per litre for petrol and Rs 7.05 per litre for diesel in the nation’s capital. Following this, a number of state governments, including those of Uttar Pradesh, Kerala, Maharashtra, and Rajasthan, announced that the value-added tax (VAT) on petrol and diesel had been reduced. This was done at a time when the nation was reeling from the effects of rising inflation, which in April reached its highest level in months.

Fuel costs in India are determined by the international price of crude oil and the rupee-dollar exchange rate. In addition, the federal government and states impose additional taxes, such as excise duty and Value-Added Tax (VAT), on gasoline and diesel. Also included in the price of fuel are the dealer’s commission and transportation costs.

Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, agreed to increase production by 648,000 barrels per day (bpd) in July and 648,000 bpd in August.

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Petrol, Diesel Prices on Sunday, June 6, in Delhi, Mumbai, Chennai, Kolkata and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre

Diesel: Rs 94.24 per litre

Bhopal

Petrol: Rs 108.65 per litre

Diesel: Rs 93.90 per litre

Hyderabad

Petrol: Rs 109.66 per litre

Diesel: Rs 97.82 per litre

Bengaluru

Petrol: Rs 101.94 per litre

Diesel: Rs 87.89 per litre

Guwahati

Petrol: Rs 96.01 per litre

Diesel: Rs 83.94 per litre

Lucknow

Petrol: Rs 96.57 per litre

Diesel: Rs 89.76 per litre

Gandhinagar

Petrol: Rs 96.63 per litre

Diesel: Rs 92.38 per litre

Thiruvananthapuram

Petrol: Rs 107.71 per litre

Diesel: Rs 96.52 per litre.

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